The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Trade, Except Of Motor Vehicles And Motorcycles 47 - Retail trade, except of motor vehicles and motorcycles
700 jobs Number of planned job losses
Announcement Date
3 July 2007
Employment effect (start)
4 July 2007
Foreseen end date
Description
CD, DVD and book retailer Fopp has been declared bankrupt, with 700 of its employees being made redundant as a result of the bankruptcy. Administrators Ernst & Young, who were appointed receivers of the company at the start of July, released a statement saying: 'It is unfortunate that we have had to make these redundancies, but we are not in a position to re-open the stores until we have the agreement of suppliers who control the licences to sell stock.' Administrator Tom Burton said that the firm's 81 stores across the UK had been closed and also stressed that the firm's employees had the opportunity to claim their statutory entitlements through the Redundancy Fund. Analysts say Fopp has been hit by the rise of supermarkets and online retailers selling CDs and DVDs, as well as the surging popularity of downloading music from the internet. Around 100 Fopp employees, mostly store managers, have kept their jobs for the time being.
Sources
4 July 2007: The Guardian
3 July 2007: BBC News
Citation
Eurofound (2007), Fopp, Bankruptcy in United Kingdom, factsheet number 65579, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/65579.
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